Precigen (NASDAQ:PGEN) Sees Large Volume Increase Following Analyst Upgrade

Key Points

• Precigen (NASDAQ:PGEN) experienced a significant trading volume increase of 144% on Monday, with 7,703,300 shares traded, although the stock price fell to $2.65.
• Analysts hold a consensus rating of "Moderate Buy" for Precigen, with several upgrades including a target price of $6.00 from HC Wainwright and JMP Securities.
• Precigen reported an earnings surprise, posting an EPS of ($0.11) which surpassed expectations, and had revenue of $0.86 million for the quarter.

Precigen, Inc. (NASDAQ:PGEN - Get Free Report) shares saw strong trading volume on Monday after JMP Securities raised their price target on the stock from $6.00 to $8.00. JMP Securities currently has a market outperform rating on the stock. 7,703,300 shares changed hands during mid-day trading, an increase of 144% from the previous session's volume of 3,153,474 shares.The stock last traded at $2.65 and had previously closed at $2.94.

Other equities research analysts have also issued reports about the stock. HC Wainwright restated a "buy" rating and issued a $8.50 price objective on shares of Precigen in a report on Tuesday. JPMorgan Chase & Co. upgraded shares of Precigen from an "underweight" rating to a "neutral" rating in a report on Friday, August 15th. Cantor Fitzgerald restated an "overweight" rating on shares of Precigen in a report on Thursday, May 15th. Citigroup restated an "outperform" rating on shares of Precigen in a report on Tuesday. Finally, Wall Street Zen raised shares of Precigen from a "sell" rating to a "hold" rating in a research report on Saturday, July 12th. Four analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $8.25.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Parkman Healthcare Partners LLC purchased a new position in Precigen during the 1st quarter worth $4,755,000. Bank of America Corp DE grew its position in Precigen by 258.2% during the 2nd quarter. Bank of America Corp DE now owns 832,261 shares of the biotechnology company's stock worth $1,182,000 after purchasing an additional 599,914 shares during the last quarter. Adage Capital Partners GP L.L.C. grew its position in Precigen by 3.8% during the 1st quarter. Adage Capital Partners GP L.L.C. now owns 11,276,000 shares of the biotechnology company's stock worth $16,801,000 after purchasing an additional 410,595 shares during the last quarter. Marshall Wace LLP purchased a new position in Precigen during the 2nd quarter worth $524,000. Finally, Diametric Capital LP purchased a new position in Precigen during the 2nd quarter worth $476,000. 33.51% of the stock is owned by hedge funds and other institutional investors.

Precigen Stock Performance

The company has a market capitalization of $1.25 billion, a PE ratio of -9.95 and a beta of 1.87. The company's 50-day simple moving average is $1.87 and its 200-day simple moving average is $1.67.

Precigen (NASDAQ:PGEN - Get Free Report) last issued its quarterly earnings data on Tuesday, August 12th. The biotechnology company reported ($0.11) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.14) by $0.03. Precigen had a negative net margin of 2,868.66% and a negative return on equity of 842.83%. The company had revenue of $0.86 million for the quarter, compared to the consensus estimate of $0.67 million. Analysts expect that Precigen, Inc. will post -0.32 EPS for the current year.

Precigen Company Profile

Precigen, Inc operates as a discovery and clinical-stage biopharmaceutical company that develops gene and cell therapies using precision technology to target diseases in therapeutic areas of immuno-oncology, autoimmune disorders, and infectious diseases. It operates through two segments, Biopharmaceuticals and Exemplar.